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BetMGM Signs Deal with Liv Hospitality in South Dakota

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4 years ago

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BetMGM  has signed an exclusive partnership deal with Liv Hospitality’s Tin Lizzie Gaming Resort and Cadillac Jack’s Gaming Resort for providing retail and mobile sports betting in the city of Deadwood.

As per the deal, customers at Tin Lizzie Gaming Resort and Cadillac Jack’s Gaming Resort can access the BetMGM mobile app from next month. Retail BetMGM Sportsbook will also be available as kiosks and counter wagering.

The state passed the Deadwood Sports Betting Legalization Amendment on November 3, 2020, which empowers the South Dakota State Legislature to legalize sports betting within the city.

Adam Greenblatt, BetMGM Chief Executive Officer, said: “Liv Hospitality’s prime resort locations in Deadwood make it an ideal partner for us. Together, we look forward to bringing the BetMGM sports betting experience to South Dakota sports fans.”

Caleb Arceneaux, Chief Executive Officer of Liv Hospitality, said: “BetMGM is an outstanding organization that brings credibility to our new sports betting offerings. Visitors now have another reason to come to Deadwood, while enjoying the many other entertainment opportunities at our resorts.”

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Adam Greenblatt Chief Executive Officer of BetMGM

BetMGM 1Q 2025 Business Update

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15 hours ago

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April 30, 2025

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Strong start to 2025 affirms strategic approach and confidence of positive EBITDA in 2025

BetMGM LLC , one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on its 1Q 2025 performance.

  • BetMGM’s strong momentum from 2H 2024 continued during 1Q 2025, driven by its leading iGaming offering and strengthened sports product, and refined approach to player management
  • 1Q Net Revenue up +34% YoY with strong growth across both iGaming (+27%) and Online Sports (+68%)
  • Positive 1Q EBITDA and underlying trends reaffirm confidence that FY 2025 will be EBITDA positive1

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:

“2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan. The momentum we built in the second half of 2024 continued into the first quarter as we implement our powerful iGaming strategy, enabling us to grow faster than the market and at scale. In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavorable sports outcomes during key moments in the quarter. As we approach May, we remain confident in achieving full year positive EBITDA in 2025, supported by solid underlying activity trends and our successful delivery of positive EBITDA in the first quarter.”

1Q 2025 Key Financial Highlights

1Q 2025 BetMGM Financial Summary1,2,3
Three months ended
March 31
$ millions, unless otherwise noted 2025 2024 YoY Change
Net Revenue
iGaming $443 $348 +27%
Online Sports $194 $116 +68%
Handle $4,088 $3,174 +29%
GGR Hold % 8.2% 8.7% (50)bps
NGR Hold % 4.8% 3.6% +110bps
Retail / Other $20 $26 (22)%
Total Net Revenue $657 $489 +34%
Contribution $116 ($38) +$153
EBITDA $22 ($132) +$154
Average Monthly Actives (thousands)4 1,067 1,009 +6%

Financial Highlights

  • 1Q Net Revenue of $657 million, up +34% YoY, continuing acceleration with strong underlying player engagement metrics
    • iGaming Net Revenue up +27% YoY driven by leading iGaming offering
    • Online Sports Net Revenue up +68% YoY demonstrating strengthened product offering, expansion of NGR margin, and enhanced player engagement
      • Handle up +29% YoY5
      • NGR margin improvement of +110 bps YoY
    • Average Monthly Actives up +6% YoY, reflecting significant growth in iGaming players, partially offset by improved OSB approach to player segmentation and management
  • 1Q EBITDA of $22 million (up $154 million YoY), with iGaming Contribution of $133 million and positive Contribution from Online Sports
    • 1Q EBITDA benefited from one-time accounting items offset by the impact of customer friendly sports results
  • Continued stabilization of GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM’s podium position in the market6,7
  • $150 million revolving credit facility remains undrawn

Operational highlights

  • Market leading iGaming offering
    • 1Q Average Monthly Actives up +43% reflecting our leading iGaming offering and focused marketing investment
    • Active Player Days up +39% YoY driven by unique and exclusive content across both real-money and free-to-play engagement games8
    • Improved cross-sell engagement with +13 ppt YoY increase in percent of Online Sports players playing iGaming9
  • Strengthened Online Sports product coupled with focus on premium mass players and improved engagement
    • Broader market range, improved pricing and enhanced parlay offering contributed to strong gains in player economics and activity metrics
      • Growth of +4.8 ppt in parlay bet mix (inclusive of SGPs)10
      • Bets per Active increased +28% YoY11
  • Refined approach to player retention with improved segmentation and promotional strategy
  • Handle per Active up +37% YoY12
  • Active Player Days up +20% YoY

Outlook

  • BetMGM’s year-to-date performance provides increased confidence in exceeding guidance, however we remain mindful it is still relatively early in the year. As such, we reaffirm our expectations for FY 2025 to be EBITDA positive, and Net Revenue guidance of $2.4 billion to $2.5 billion
    • Reiterated expectations of Online Sports to be Contribution positive for FY 2025
  • Reaffirmed confidence in BetMGM’s pathway to $500 million EBITDA in the coming years

The post BetMGM 1Q 2025 Business Update appeared first on Gaming and Gambling Industry in the Americas.

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BetMGM Poker Championship Returns to ARIA Resort & Casino in Las Vegas June 30 – July 4

Published

7 days ago

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April 24, 2025

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BetMGM, a leading sports betting and iGaming operator, announced the BetMGM Poker Championship returns to ARIA in Las Vegas Monday, June 30 to Friday, July 4, highlighting the ARIA Poker Classic Summer Series. The no-limit hold ‘em tournament has a $3,500 buy-in and offers participants a $3 million guaranteed prize pool. For the fourth consecutive year, the BetMGM Poker Championship will begin in ARIA’s Poker Room and conclude with a live-streamed Final Table at the PokerGO Studio. The ARIA Poker Classic runs May 29 through July 13 with the full schedule available at ARIA Poker on X.

“BetMGM’s relationship with MGM Resorts is our differentiator and the BetMGM Poker Championship presents a unique opportunity to connect our online players with one of the premier properties and events that Las Vegas has to offer. We are preparing to use our brand ambassadors – Darren Elias and Abby Merk – as well as our media partners, to engage with the poker community in new ways throughout the summer,” said Angus Nisbet, VP of Gaming at BetMGM.

Online qualifiers for the BetMGM Poker Championship run at 9:15 p.m. EST every Thursday and Sunday through Sunday, June 22. More than 100 players from BetMGM Poker markets including New Jersey, Michan, Pennsylvania, and Ontario (Canada) will win BetMGM Poker Championship packages that include a $3,500 Championship entry, a five-night stay at ARIA, travel credit, and a BetMGM swag bag. A full online qualifier schedule is available at BetMGMPoker.com.

Ryan Kirk, ARIA’s Director of Poker Operations, said: “ARIA has long been recognized as the epicenter of poker in Las Vegas and we’re proud, once again, to host the BetMGM Poker Championship during our ARIA Poker Classic. This event continues to raise the bar, bringing together the prestige of our world-class poker room with BetMGM’s innovative online platform. We look forward to welcoming players from across North America to experience the energy, excitement and hospitality that ARIA delivers.”

The post BetMGM Poker Championship Returns to ARIA Resort & Casino in Las Vegas June 30 – July 4 appeared first on Gaming and Gambling Industry in the Americas.

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BetMGM Returns as Entitlement Sponsor of NASCAR Xfinity Series Race at Charlotte Motor Speedway, May 24

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7 days ago

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April 24, 2025

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BetMGM, a leading iGaming and sports betting operator, announced its return for the second year as the entitlement sponsor of the BetMGM 300 race (part of NASCAR’S Xfinity Series) at Charlotte Motor Speedway on Saturday, May 24.

The sports betting operator is also the title sponsor of the BetMGM Speed Street, the epicenter of entertainment, food and interactive experiences for fans in town for NASCAR’s tripleheader weekend, May 23-25. Headlining the fan festival will be GRAMMY-nominated, global phenom Smash Mouth bringing their signature sound and chart-topping hits to the BetMGM Speed Street Stage on Saturday, May 24.

“A little over a year after launching sports betting in North Carolina, BetMGM is pleased to be at the heart of the excitement for the BetMGM 300 and BetMGM Speed Street. As NASCAR betting continues to grow, this weekend presents a wonderful opportunity to connect with passionate motorsport and music fans in the Tar Heel State,” Casey Hurbis, Chief Marketing Officer at BetMGM, said.

BetMGM will be integrated throughout the BetMGM 300 NASCAR Xfinity Series showdown, from the honorary starter to pace cars and signage on billboard turns, to barrier decals and pit signs. The winner of the race will be awarded a full-size, custom BetMGM slot machine along with the BetMGM 300 trophy. Fans will be able to take photos with the trophy, slot machine and Richard Childress Racing’s No. 8 BetMGM Chevrolet driven by Kyle Busch at a new victory lane experience located within the BetMGM Speed Street.

Charlotte Motor Speedway President and General Manager Greg Walter said: “The stakes are going to be high when the Xfinity Series returns for the BetMGM300 this Memorial Day Weekend, but one sure bet is that the fans will ultimately be the big winners. With a weekend full of great music, driver appearances and interactive displays in BetMGM Speed Street and high-octane action on the track, this will be the can’t-miss event to kick off summer.”

The post BetMGM Returns as Entitlement Sponsor of NASCAR Xfinity Series Race at Charlotte Motor Speedway, May 24 appeared first on Gaming and Gambling Industry in the Americas.

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